Bernard Arnault, CEO of LVMH, overtakes Elon Musk as the world's richest person

Forbes said that Twitter owner and Tesla CEO Elon Musk was briefly dethroned as the world's richest person on Wednesday due to a sharp decline in the value of his share in the electric-car maker and a $44 billion gamble on the social media giant.

Forbes said that Bernard Arnault, CEO of LVMH, the parent company of luxury brand Louis Vuitton, and his family were temporarily the world's richest until falling back to second place with a personal wealth of $185.3 billion.

As of September 2021, Musk's net worth was $185.7 billion, putting him at the top of the Forbes list. Musk succeeded Jeff Bezos, the founder of Amazon.com, to the position.

After dropping by more than 47% since Musk's bid to buy Twitter earlier this year, Tesla shares dropped another 2.7% today.

On the morning of November 8th, investors sold Tesla shares over concerns that Musk, as CEO and major shareholder of the world's most valuable electric-vehicle producer, is more preoccupied with Twitter than running the company.

Since Musk's failed bid for Twitter in April, Tesla's stock price has fallen by about half, and his personal wealth has fallen by about $70 billion. In October, Musk finalized the deal to invest $33.5 billion in Twitter in exchange for $13 billion in loans.

Musk is also the CEO of SpaceX, a rocket firm, and Neuralink, a company working on ultra-high bandwidth brain-machine interfaces to bridge the gap between the human brain and computers.